Redwire (NYSE:RDW) Shares Down 3.5% – Here’s What Happened

Redwire Corporation (NYSE:RDW)’s stock price was down 3.5% during trading on Wednesday. The company traded as low as $9.90 and last traded at $10.2520. Approximately 14,000,448 shares changed hands during trading, a decline of 46% from the average daily volume of 26,077,229 shares. The stock had previously closed at $10.62.

Analysts Set New Price Targets

Several equities research analysts have weighed in on RDW shares. Canaccord Genuity Group increased their price target on shares of Redwire from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Jefferies Financial Group set a $15.00 price objective on shares of Redwire in a research note on Sunday, August 9th. Cantor Fitzgerald increased their target price on shares of Redwire from $9.00 to $13.50 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Alliance Global Partners reissued a “buy” rating on shares of Redwire in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Redwire in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Redwire has a consensus rating of “Hold” and a consensus target price of $14.69.

Redwire Price Performance

The business’s 50 day moving average price is $11.28 and its two-hundred day moving average price is $11.81. The stock has a market cap of $2.38 billion, a P/E ratio of -6.52 and a beta of 3.12. The company has a current ratio of 3.92, a quick ratio of 3.48 and a debt-to-equity ratio of 0.03.

Redwire (NYSE:RDW) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.07. The company had revenue of $117.07 million during the quarter, compared to the consensus estimate of $107.10 million. Redwire had a negative net margin of 57.26% and a negative return on equity of 11.02%. As a group, sell-side analysts expect that Redwire Corporation will post -0.7 earnings per share for the current fiscal year.

Insider Activity at Redwire

In other news, Director Ae Red Holdings, Llc sold 929,435 shares of the firm’s stock in a transaction that occurred on Wednesday, September 23rd. The stock was sold at an average price of $11.34, for a total value of $10,539,792.90. Following the completion of the transaction, the director owned 147,984 shares in the company, valued at $1,678,138.56. This trade represents a 86.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.79% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Redwire

A number of institutional investors have recently added to or reduced their stakes in RDW. GAMMA Investing LLC boosted its holdings in shares of Redwire by 70.4% during the 3rd quarter. GAMMA Investing LLC now owns 3,213 shares of the company’s stock valued at $34,000 after buying an additional 1,327 shares in the last quarter. Bouchey Financial Group Ltd. purchased a new position in Redwire during the 2nd quarter valued at about $141,000. Tidal Investments LLC bought a new stake in Redwire during the second quarter worth about $7,717,000. Integrated Wealth Concepts LLC purchased a new stake in Redwire in the second quarter worth about $635,000. Finally, IFP Advisors Inc increased its stake in shares of Redwire by 3,662.5% during the second quarter. IFP Advisors Inc now owns 3,612 shares of the company’s stock valued at $44,000 after purchasing an additional 3,516 shares in the last quarter. Institutional investors own 8.10% of the company’s stock.

About Redwire

Redwire Corporation is a space infrastructure and defense technology company that develops products and services for government and commercial customers. Its work supports space exploration, national security, civil space programs and the growing commercial space economy.

The company’s offerings include spacecraft platforms, avionics, sensors, deployable structures, solar arrays, in-space manufacturing systems, robotic technologies and components designed for satellite and space station applications.